ROCHESTER, Minn., June 25, 2021 (Newswire.com) – After nearly three years of planning and zoning, 20 months of construction, and a global pandemic that presented unique development challenges, joint-venture partners PEG Companies [PEG] and EKN Development Group [EKN] have formally opened Rochester, MN’s first completed opportunity zone project, the Hyatt House Rochester / Mayo Clinic Area. With In-Group Hospitality: A PEG Company [IGH] managing operations, the highly anticipated hotel hosted a ceremonial ribbon cutting celebration with the community this week.
Located at 315 1st Ave NW, Hyatt House Rochester / Mayo Clinic Area brings 172 apartment-style, extended-stay suites to the area. The upscale hotel boasts fully equipped functional kitchens, comfortable living rooms featuring Hyatt’s signature Cozy Corners, spacious bedrooms, and stylish bathrooms.
“This project reflects ongoing investment in our community, which is so important to the economic development and availability of employment in the area…” said Rochester Mayor Kim Norton. “The amenities of the hotel, as well as room offerings, support our community’s focus on being a place of care, hope and healing for our many visitors.”
Hyatt House Rochester / Mayo Clinic Area became the first-ever Qualified Opportunity Zone [QOZ] project to break ground in the City of Rochester back in April 2019. The property previously belonged to the American Legion Post #92, which relocated after selling the site to the developers.
“From the first day of discussions to acquire the American Legion property, and discussions with our neighbor, the world-renowned Mayo Clinic, EKN was welcomed by the community with tremendous support,” said Ebbie K. Nakhjavani, Founder and Chief Executive Officer at EKN Development Group. “The City Stakeholders and DMC’s well-structured framework for investment and development in Rochester contributed to making the Rochester Hyatt House a reality and exceptional success.”
The new hotel continues to receive positive support from the community and Destination Medical Center [DMC], a statewide economic development initiative designed to position Minnesota as a global center for the highest quality medical care and to generate high-value jobs, new tax revenue, and businesses. Because of the significant role that Hyatt House Rochester / Mayo Clinic Area plays in the DMC initiative, public officials deemed construction of the hotel an “essential business” during the COVID-19 shutdown, allowing work to continue during the pandemic with proper health and safety protocols in place.
“In many ways, the pandemic provided us with opportunities to rethink and improve our design,” explained Cameron Gunter, Founder/Chief Executive Officer at PEG. “We quickly adapted our plans to provide an enhanced hospitality experience equipped with the latest technology including touchless doors, an abundance of hand sanitizer stations, and other improvements to maximize the project’s ability to operate in a post-COVID-19 environment.”
“We are excited for the opportunity to lead the hospitality industry out of these unprecedented times,” said Graydon Pearson, President of In-Group. “With a dedicated operations team that’s uniquely qualified to provide the safest, most welcoming and comfortable environment for our valued guests, our goal at Hyatt House Rochester / Mayo Clinic Area is to help everyone feel right at home.”
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ABOUT PEG COMPANIES:
Boasting a robust $1.4 billion+ pipeline, PEG Companies [“PEG”] is a vertically integrated, full-service commercial real estate investment firm known for its unique approach to creating value. PEG’s mission remains constant: create opportunities through grit, ingenuity and expertise – providing the premier real estate experience. The PEG team offers considerable experience in project design and development, engineering, financing, city entitlements, tax incentives, construction management, marketing, and property management and offers a strategic combination of acquisition, rehabilitation, and development capabilities. PEG owns and manages more than 4,900 hospitality keys across the U.S. and Canada, with over 2,800 multifamily housing units and additional office, retail, and industrial space across the West. The firm sponsors multiple investment products on behalf of its investors and has produced net annualized returns of over 25% for the strategies it pursues.
Source: PEG Companies